HC Deb 05 March 1957 vol 566 cc156-7
6. Mr. Cronin

asked the Chancellor of the Exchequer if he will give the three figures representing the maximum amounts that can be allotted for prizes from the Premium Savings Bonds prize fund for the months of June, July and August, 1957, respectively.

Mr. P. Thorneycroft

Nine hundred and seventy-two thousand pounds, £272,000 and £287,000. These are maximum estimates and are based on the assumption that all bonds bought during the first three months of the scheme are eligible for the draw under the terms of the prospectus and that no more of them are encashed.

Mr. Cronin

In view of the figures which the right hon. Gentleman has just quoted, will he take steps to ensure that the advertisements headed, Chance of a lifetime every month. which appeared in the national Press on 11th February, will be modified, if the advertisements are repeated? Does not that advertisement give the impression that 23,700 prizes will be distributed every month, which is quite impossible on the figure which the right hon. Gentleman has just quoted? Does it not also give the impression that £1 million worth of prizes will be distributed every month?

Mr. Thorneycroft

I do not know about "Chance of a lifetime". I do not want to overstate the case. The facts are that 237 prizes are allotted for very £10,000 of prize money.

Mr. H. Wilson

is not my hon. Friend right? Is not the advertisement to which he referred misleading to the public, giving the impression that the prizes in subsequent months and the prizes based on investments now will be related to the boom prizes following the November investment?

Mr. Thorneycroft

I think that it was always recognised that the first draw would have the largest prize fund, which was why so many people tried to make their purchases of Premium Bonds early.